
MUMBAI: The Department of Posts will move a Cabinet note in order to apply for a banking license by the stipulated deadline of July 1, a senior official has said, even as a top Finance Ministry went public with doubts over the efficacy of the post office being converted into a bank.
"We are moving a cabinet note now and after that we will be applying for
the licence. After the cabinet note, we will go ahead with setting up
the bank," Postal Services Board's member, planning, Suneeta Trivedi, told PTI here.
Trivedi asserted that the Department will be making the application by
July 1, which is the last date set by the Reserve Bank for receiving
applications.
The...